Northern Abitibi Mining Corp.
TSX VENTURE : NAI

Northern Abitibi Mining Corp.

February 28, 2008 16:53 ET

Northern Abitibi Announces Non-Brokered Financing

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Northern Abitibi Mining Corp. ('Northern Abitibi') (TSX VENTURE:NAI) is pleased to announce a proposed non-brokered private placement of up to 1,929,028 units ("Common Units") at a price of $0.155 per Common Unit and up to 1,694,439 flow through common shares ("FT Shares") at a price of $0.18 per share, for combined gross proceeds of up to $604,000.

Each Common Unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant (a "Warrant") will entitle the holder to purchase one additional common share at a price of $0.23 per share for a period of two years following closing.

The Common Units and FT Shares are to be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. This financing is subject to TSX Venture Exchange and regulatory approval.

Proceeds of the financing are to be used to fund a portion of the proposed 2008 exploration programs at the Taylor Brook Nickel-Copper-Cobalt-PGE and Viking gold prospects located in northwestern Newfoundland, investigate new property acquisitions, and for general working capital.

PDAC in Toronto

Northern Abitibi is pleased to announce it will be attending the PDAC 2008 International Convention, Trade Show and Investors Exchange at the Metro Toronto Convention Centre - South Building Booth 2631, March 2 to 5, 2008. We invite all interested parties to stop by our booth to discuss our Taylor Brook property, our Viking gold property with recent trenching results up to 246.6 g/t gold, our Douay Northwest Joint Venture gold property, and our South Voisey Bay nickel property.

Northern Abitibi

Northern Abitibi's technical team of experienced, professional geologists is assembling a portfolio of gold, nickel and other base metal projects from opportunities within Canada, Mexico and the United States. A description of our projects can be found on our website at www.naminco.ca.

Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.

Shane Ebert, President/Director

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Northern Abitibi Mining Corp.
    Shane Ebert
    (403) 233-2636
    or
    Northern Abitibi Mining Corp.
    Jean Pierre Jutras
    (403) 233-2636
    (403) 266-2606 (FAX)
    Website: www.naminco.ca